In theory lower frequencies of electromagnetic radiation use less power to transmit the same distance (or travel the same distance for less power), but can’t carry as much information as higher frequencies.
In practice, the range of frequencies within which FM radio operates is too small for any meaningful difference in broadcast power, and the FM radio standard doesn’t really permit the additional data capacity of higher frequencies to be utilised. These standards, and the FM radio regulations of the local government, put all the stations on equal footing technically speaking. Any patterns you notice around which types of station content is allocated to which frequencies is more likely related to regulations and licensing, rather than any technical reason.
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